Bolstered by a big year at the box office and a solid performance from all of its other units, Walt Disney Co. sees fourth quarter profit more than double.
Walt Disney Co. reported fourth quarter net income of $782 million (36 cents per share), a 106 percent leap from $379 million (19 cents) for the same period a year earlier, beating analysts' expectations of 34 cents per share.
Revenue from the Burbank-based entertainment company was up 14 percent to $8.78 billion, also surpassing Wall Street's estimates of $8.7 billion.
The company said it was powered by thriving box office hits "Pirates of the Caribbean: Dead Man's Chest," which recently hit the $1-billion mark, followed by "Cars," the second-best movie at the box offices this year, which helped studio revenues soar 33 percent for the quarter.
The company's media networks and theme parks also performed strong, growing by 10 percent and 8 percent, respectively.
"We have had a great year by just about every measure," President and Chief Executive Bob Iger said late Thursday. "We delivered our fourth-straight year of double-digit earnings growth."
However, shares in Disney closed up 48 cents to $33.58 Thursday but dropped $1.11 in early trading Friday to $32.47.
For reprint and licensing requests for this article, CLICK HERE.